ERGO to sell ERGO Life business in Russia to Rosgosstrakh


Press release, 15.10.2018

ERGO Group AG has announced that it is selling its life insurance business in Russia to Rosgosstrakh, a unique Russian insurance company and one of the country’s market leaders in the non-life insurance segment with almost 100 years of history. Representatives of both enterprises have signed a purchase agreement. As is customary for transactions of this type, the sale is subject to regulatory approvals. The parties have agreed not to disclose details of the purchase price.

Under the agreement Rosgosstrakh becomes an owner of 100 percent of shares of ERGO Life and it will take over the whole company, including staff, client portfolio and IT-systems. The change in ownership of ERGO Life Russia will not affect in any way obligations to the current clients of ERGO.

"Based on our Strategy 2021 we have decided earlier this year to re-enter the Life insurance market as quickly as possible”, said Nikolaus Frei, CEO at Rosgosstrakh. “The purchase of ERGO Life enables us to accelerate our development and provide products to millions of our clients in Russia through the banks of Otkritie Group and through our own distribution channels.”

“With Rosgosstrakh, we have found a suitable investor that has an impressive, long-standing history in the Russian insurance market”, underlines Alexander Ankel, Chief Operating Officer of ERGO International AG. “Our ERGO life business in Russia is a perfect match for Rosgosstrakh, paving the way in line with their new business strategy to return to the life insurance market. For us the agreement is another logical step to further driving our international business optimization strategy.”

ERGO is continuously reassessing its international business activities in terms of their strategic relevance, position and market appeal. ERGO International may consider selling companies that fail to meet those requirements now or in the foreseeable future.

For further information, please contact:

Ronny Winkler

ERGO Group AG
Media Relations

Tel +49 211 477-3012
ronny.winkler@ergo.de
media-relations@ergo.de

About the ERGO Group AG

ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. Within the group, three entities manage domestic and international business, as well as digital and direct business (ERGO Deutschland, ERGO International and ERGO Digital Ventures). About 42,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2017, ERGO recorded a premium income of 19 billion euros and rendered benefits to customers of 18 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.com

Disclaimer

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.